e.GO Mobile closes €30 million financing round

Aachen-based electric car start-up e.GO Mobile, which now operates under the name Next.e.GO Mobile after being acquired by a Dutch investment group, has closed a Series B financing round of more than 30 million euros to enable the start of production at its plant in Aachen.

It will also support the company’s growth plans, Next.e.GO Mobile said in a statement. Production of the e.GO Life in Aachen is now scheduled for June 2021. Most recently, there was still talk of early 2021. Production will initially focus on the limited special edition e.GO Life NEXT, which will only be available to the first 1,000 customers and will cost 22,990 euros (incl. VAT, after deduction of the manufacturer’s bonus). In order to prepare for the start of production, employees are to be gradually brought out of short-time work.

According to e.GO’s parent company ND Industrial Investments, international investors took part in the financing round, including Moore Strategic Ventures, former US Treasury Secretary John Snow, Formula E founder Alejandro Agag and US actor Edward Norton. Norton, who has been campaigning for renewable energy and the reduction of CO2 emissions for years, is “a predestined brand ambassador for Next.e.GO Mobile SE”.

“We are very pleased with the success of the Series B funding and more so with the quality and impact of our great investors, who have joined the Next.e.GO journey in driving the transformation of carbon-free urban mobility and offering true life-cycle sustainability,” said Ali Vezvaei, CEO of nd Group and member of the Board of Directors of Next.e.GO Mobile SE.

“We are very grateful for the continued enthusiasm, commitment and patience of our customers and fans and are equally happy to finally be able to accept their orders,” says Professor Günther Schuh, Founder and Chairman of the Board of Next.e.GO Mobile SE.

e.GO Mobile AG had filed for insolvency in self-administration at the beginning of April. The company had already had financial problems and had not found any further investors – the existing investors had to inject additional funds. When the Corona pandemic affected sales and supply chains, the insolvency application followed. ND Industrial took over the company on 1 September 2020, including all subsidiaries and employees. In the process, company founder Schuh stepped down from operational management and was appointed to the newly formed board of directors.



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